Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $5,999,000 Apartment Loan, for the refinance of a 120-unit multifamily garden/low rise property known as Windridge Village Apartments, located in Valparaiso IN (Porter County). The two-story apartment complex is located on a 9.98-acre site with parking for 285 cars and contains 100,880 square feet of net rentable area with an average unit size of 841 square feet. The property was constructed in 1994 and had a 95% occupancy rate at closing. The property’s common amenities include on-site management, clubhouse, playground and fitness center. “Select Commercial specializes in apartment financing nationwide, and we are very pleased to offer our customer a long-term, low fixed-rate loan, with significant cash-out”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10-year fixed rate loan term and a 30-year amortization. The loan was non-recourse (no personal guarantee) and originated through Fannie Mae’s DUS program. “Our client was looking to refinance his two existing multifamily properties and obtain cash-out for investment” said Mr. Sobin, adding, “We have a great track record working with this client, and we look forward to working together again the very near future”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.